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VOLUME:116 No.229, NOVEMBER 21ST, 2019
OFFICIA
CLASSIFIED TRADER: CARS, CARS, CARS & MORE CARS
INSIDE
Debt to soar by $1.3bn in five years, but
Don’t be gloomy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DEPUTY Prime Minister Peter Turnquest yesterday disagreed that The Bahamas faces a “grim” economic and fiscal outlook even though government debt is forecast to increase by $1.3bn over the next five years. Mr Turnquest said that strong tourism arrivals, coupled with a foreign direct investment pace that remains “on track”, will enable the country to shrug off Dorian’s devastating impact by generating a 2.1 percent expansion in economic output for 2021. His optimism came despite revealing earlier to the House of Assembly that the category five storm has blown the government off its key deficit and debt ratio reduction targets by between five to ten years depending on the indicator. Its 2019 Fiscal
Strategy Report, tabled in Parliament yesterday, now forecasts that nine-figure deficits will persist for the next five years post-Dorian and only come back into line with the Fiscal Responsibility Act’s 0.5 percent of GDP target by 2024-2025. The report also shows that the sustained “red ink”, caused by the government having to borrow to cover the gap created by its spending exceeding income, is projected to drive its direct debt from $8.205bn this fiscal year to almost $9.5bn. This represents a $1.3bn debt surge that will keep the government far away from achieving the Fiscal Responsibility Act target of a 50 percent debt-to-GDP ratio. That is projected to still be at 62.9 percent in 2024-2025, and Mr Turnquest admitted this ratio will only head towards 50 percent in 2028.
ENVIRONMENTAL offenders can be fined up to $30m and jailed up to ten years when the Environmental Planning and Protection Bill is passed into law. Minister of Environment and Housing Romauld Ferreira revealed this in Parliament yesterday while introducing six environmental bills including the Environmental Planning and Protection Bill 2019. The new piece of
SEE PAGE THREE
ALIV’S SALE SLATED FOR THREE YEARS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE government is targeting the 2022-2023 fiscal year to exit its 51.75 percent majority ownership in Aliv and raise “at least” $73m, it was revealed yesterday. The 2019 Fiscal Strategy Report disclosed the government’s disposal of its equity stake in the mobile operator will help “reduce financing requirements” for itself as it grapples with a projected $238.6m fiscal deficit that year. Referring to its expanded borrowing requirements to cover Hurricane Dorian restoration costs, the report said: “To cover the balance of financing requirements [in 2019-2020], the government is presently exploring funding opportunities from other multilateral institutions and banks - both international and domestic – and the possibility of a bond offering.”
PLASTICS BAN NEEDS BUY-IN FROM PUBLIC
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legislation is strict on fines and imprisonment that is proportional to environmental crimes. Mr Ferreira said those found breaking these laws in the future can face fines and jail time. “These fines range from $500 for individuals on summary charges to $30m dollars or jail time for indictable charges or to three times the assessed value of the damage caused, whichever is the greater or a term of imprisonment not exceeding ten years, or both,” Mr Ferreira said.
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By RASHAD ROLLE Tribune Staff Reporter rrolle@tribunemedia.net
POLLUTERS COULD BE HIT WITH $30M FINES By SYANN THOMPSON Tribune Staff Reporter sthompson@tribunemedia.net
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THAT’LL BE $25,000, BUDDY BAHAMIAN basketball star Buddy Hield has been fined $25,000 for kicking the ball into the stands following Sacramento’s victory over Boston on Sunday. Full story - See Sport
EXUMA and Ragged Island MP Chester Cooper said the government’s upcoming ban on single-use plastics is being implemented too soon. He also hit out at the “punitive” punishment for releasing balloons as a first-time offence under the anticipated law. The ban on single-use plastics and Styrofoam will go in place on January 1, 2020. “I support the idea, but I do believe the implementation time is too close,” Mr Cooper said yesterday during debate on a compendium of environmental bills in the House of Assembly. SEE PAGE FIVE
GUNMAN SHOOTS DEAD ‘HUMBLE MUSLIM’ Weekend By RIEL MAJOR Tribune Staff Reporter rmajor@tribunemedia.net
POLICE are investigating the circumstances surrounding a shooting incident that left one man dead and another man in hospital on Tuesday night. According to reports, shortly after 11pm, two men were at Ash Lane, Pinewood Gardens in the vicinity of Mt Tabor Church, when they were approached by a man they
VICTIM: Travis Knowles knew, who shot them and fled the area. Both men were taken to hospital,
where one of them later died from his injuries. The second man is in stable condition, police said. The Tribune understands the victim is 38-yearold Travis “Ferly” Knowles, however, his identity was not released by police. This incident pushed the country’s murder rate to 90, according to The Tribune’s records. As of November 9, 2018, there were 76 homicides, meaning
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